Board Change • May 20
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Director Nimesh Patel is the most experienced director on the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Tillkännagivande • Jan 15
Scully Royalty Ltd. Announces Election of Skyler Wichers as Chairman of the Board and Changes in the Composition of Committee, Effective December 28, 2025 Scully Royalty Ltd. appointed Skyler Wichers as Chairman of the Board on December 28, 2025 and Board established new committee compositions. As of December 28, 2025 the Audit Committee is composed of Jerrod Freund, Mark Holliday and Alan Howe, with Alan Howe appointed as the chairman of the committee; the Compensation Committee is composed of Jerrod Freund, Nimesh Patel and Skyler Wichers, with Nimesh Patel appointed as the chairman of the committee; and the Nominating and Governance Committee is composed of Mark Holliday, Alan Howe and Skyler Wichers, with Mark Holliday appointed as the chairman of the committee. Tillkännagivande • Jan 01
Scully Royalty Ltd. Announces Election of New Directors At Annual General Meeting, December 27, 2025 Scully Royalty Ltd. held its Annual General Meeting on December 27, 2025, announced that all its nominees for the Board of Directors were elected. The nominees Jerrod Freund, Mark Holliday, Alan Howe, Nimesh Patel, and Skyler Wichers each received a majority of the votes cast at the Annual Meeting. The Company’s nominees failed to receive such a majority and therefore were not re-elected. The newly elected directors are pursuing a transition plan for the Company focused on fair representation of the interests of all shareholders and a renewed focus towards operational and capital efficiency. Tillkännagivande • Dec 31
Scully Royalty Ltd. Updates on Related Cayman Islands Court Appeal further to its news release dated December 22, 2025, Scully Royalty Ltd. announced that it has filed an appeal of the December 19, 2025 decision of the Grand Court of the Cayman Islands with respect to the notice of nomination of MILFAM LLC ("MILFAM") and its compliance with the timing requirements under the Memorandum and Articles of Association of the Company. The Company further announces that its annual general meeting (the "Me Meeting"), originally scheduled for December 27, 2025, has been temporarily postponed for a short duration of time to allow a hearing before the Cayman Islands Court of appeal to be heard as soon as practicable. The Company is inviting MILFAM to work collaboratively and in good faith with the Company in this endeavor. The postponement was approved by the Company's board of directors, based on the recommendation of its Compensation, Nominating and Corporate Governance Committee. In determining to postpone the Meeting, such committee and the board considered various factors relating to the best interests of the Company and its shareholders and the circumstances of the Meeting, including, among other things, that a short postponement will assist in addressing the uncertainty created by the recent decision and appeal, the need to provide shareholders sufficient opportunity to assess the purported nominations of MILFAM pending the outcome of the court proceedings, and to allow the Meeting to take place in an orderly manner that promotes and is conductive of informed shareholder decision-making with full disclosure by each party of all material information. Tillkännagivande • Dec 30
Milfam Announces Election of Nominees to Board of Directors of Scully Royalty On December 29, 2025, MILFAM LLC announced that all of its nominees for the Board of Directors of Scully Royalty Ltd. were elected at the annual general meeting of shareholders of the Company on December 27, 2025. MILFAM stated that its nominees of Jerrod Freund, Mark Holliday, Alan Howe, Nimesh Patel, and Skyler Wichers each received a majority of the votes cast at the annual meeting. MILFAM added that the Company’s nominees failed to receive such a majority and therefore were not re-elected. Tillkännagivande • Dec 08
Scully Royalty Ltd., Annual General Meeting, Dec 27, 2025 Scully Royalty Ltd., Annual General Meeting, Dec 27, 2025, at 08:01 China Standard Time. Location: unit 803, dina house, ruttonjee centre, 11 duddell street, hong kong, sar china, China Tillkännagivande • Jan 01
Scully Royalty Ltd. Declares Cash Dividend on Common Share, Payable on February 21, 2025 Scully Royalty Ltd. declared a cash dividend of $0.26 per common share will be paid in US dollars on February 21, 2025 to shareholders of record on January 24, 2025. The ex-dividend date for this dividend will be January 23, 2025. Tillkännagivande • Dec 10
Scully Royalty Ltd., Annual General Meeting, Dec 27, 2024 Scully Royalty Ltd., Annual General Meeting, Dec 27, 2024, at 08:01 China Standard Time. Location: unit 803, dina house, ruttonjee centre, 11 duddell street, hong kong, sar, China New Risk • Oct 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Large one-off items impacting financial results. Board Change • Jun 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. CEO, CFO, President & Director Sam Morrow was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • May 09
New major risk - Revenue and earnings growth Earnings have declined by 35% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 35% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.2% average weekly change). Market cap is less than US$100m (€83.9m market cap, or US$90.1m). Reported Earnings • May 01
Full year 2023 earnings released: EPS: CA$0.094 (vs CA$1.58 loss in FY 2022) Full year 2023 results: EPS: CA$0.094 (up from CA$1.58 loss in FY 2022). Revenue: CA$54.9m (down 14% from FY 2022). Net income: CA$1.39m (up CA$24.8m from FY 2022). Profit margin: 2.5% (up from net loss in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Reported Earnings • Dec 14
First half 2023 earnings released: EPS: CA$0.06 (vs CA$0.26 in 1H 2022) First half 2023 results: EPS: CA$0.06 (down from CA$0.26 in 1H 2022). Revenue: CA$26.5m (down 27% from 1H 2022). Net income: CA$890.0k (down 77% from 1H 2022). Profit margin: 3.4% (down from 11% in 1H 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. Tillkännagivande • Dec 02
Scully Royalty Ltd., Annual General Meeting, Dec 29, 2023 Scully Royalty Ltd., Annual General Meeting, Dec 29, 2023, at 10:00 China Standard Time. Location: Unit 803, Dina House, Ruttonjee Centre, 11 Duddell Street, Hong Kong China Agenda: To elect the board of directors of the Company; to ratify the appointment of Smythe LLP as the auditors of the Company for the fiscal year ended December 31, 2023 and to authorize the directors to fix the remuneration of the auditors for the ensuing year; and to transact such other business as may properly come before the Meeting and any and all adjournment or postponement thereof. New Risk • Nov 12
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10.0% average weekly change). Earnings have declined by 3.1% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€58.8m market cap, or US$62.8m). New Risk • Oct 15
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 2013. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported September 2013 fiscal period end). High level of non-cash earnings (31% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (€68.8m market cap, or US$72.3m). New Risk • Jul 31
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €87.9m (US$96.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.2% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (€87.9m market cap, or US$96.9m). New Risk • Jun 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €89.1m (US$95.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.2% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (8.8% average weekly change). Market cap is less than US$100m (€89.1m market cap, or US$95.8m). Reported Earnings • Apr 27
Full year 2022 earnings released: CA$1.58 loss per share (vs CA$0.51 profit in FY 2021) Full year 2022 results: CA$1.58 loss per share (down from CA$0.51 profit in FY 2021). Revenue: CA$61.9m (down 11% from FY 2021). Net loss: CA$23.4m (down 409% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €6.00, the stock trades at a trailing P/E ratio of 74.6x. Average trailing P/E is 10x in the Capital Markets industry in Germany. Total returns to shareholders of 36% over the past three years. Tillkännagivande • Dec 03
Scully Royalty Ltd., Annual General Meeting, Dec 29, 2022 Scully Royalty Ltd., Annual General Meeting, Dec 29, 2022, at 10:00 China Standard Time. Location: Unit 803, Dina House, Ruttonjee Centre Hongkong China Agenda: To elect the board of directors of the Company; to ratify the appointment of Smythe LLP as the auditors of the Company for the fiscal year ended December 31, 2022 and to authorize the directors to fix the remuneration of the auditors for the ensuing year; and to transact such other business as may properly come before the Meeting and any and all adjournment or postponement thereof. Upcoming Dividend • Nov 16
Upcoming dividend of US$0.16 per share Eligible shareholders must have bought the stock before 21 November 2022. Payment date: 06 December 2022. Trailing yield: 13%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.9%). Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. CEO, CFO, President & Director Sam Morrow was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • Nov 11
Scully Royalty Ltd. Announces Cash Dividend, Payable on December 6, 2022 Scully Royalty Ltd. announced that its board of directors has declared a cash dividend of CAD 0.21 (USD 0.16) per common share pursuant to its cash dividend policy, which was implemented in connection with the Company's focus on enhancing shareholder value and maximizing earnings and dividends to its shareholders based upon its iron ore royalty. The dividend will be paid in US Dollars on December 6, 2022 to shareholders of record on November 22, 2022. The ex-dividend date will be November 21, 2022. Tillkännagivande • Aug 02
Scully Royalty Ltd. Declares Cash Dividend, Payable on August 26, 2022 Scully Royalty Ltd. announced that its board of directors has declared a cash dividend of USD 0.26 per common share pursuant to its cash dividend policy, which was implemented in connection with the Company's focus on enhancing shareholder value and maximizing earnings and dividends to its shareholders based upon its iron ore royalty. The dividend of USD 0.26 per common share will be paid in US Dollars on August 26, 2022 to shareholders of record on August 12, 2022. The ex-dividend date will be August 11, 2022. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improved over the past week After last week's 21% share price gain to €9.05, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 14x in the Capital Markets industry in Germany. Total loss to shareholders of 12% over the past three years. Tillkännagivande • May 02
Scully Royalty Ltd. Declares Dividend for the Second Quarter of 2022, Payable on May 23, 2022 Scully Royalty Ltd. announced that its board of directors has declared dividend of USD 0.27 per common share will be paid in US dollars on May 23, 2022 to shareholders of record on May 10, 2022. The ex-dividend date will be May 9, 2022. Reported Earnings • May 01
Full year 2021 earnings released: EPS: CA$0.51 (vs CA$0.025 in FY 2020) Full year 2021 results: EPS: CA$0.51 (up from CA$0.025 in FY 2020). Revenue: CA$69.3m (up 14% from FY 2020). Net income: CA$7.56m (up CA$7.20m from FY 2020). Profit margin: 11% (up from 0.6% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Board Change • Apr 28
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. CEO, CFO, President & Director Sam Morrow was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 17% share price gain to €8.10, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 13x in the Capital Markets industry in Germany. Total returns to shareholders of 55% over the past three years. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improved over the past week After last week's 19% share price gain to €8.50, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 15x in the Capital Markets industry in Germany. Total returns to shareholders of 71% over the past three years. Tillkännagivande • Feb 10
Scully Royalty Ltd. Declares Cash Dividend, Payable on March 4, 2022 Scully Royalty Ltd. announced that its board of directors has declared a cash dividend of CAD 0.25 (USD 0.18) per common share will be paid in US dollars on March 4, 2022 to shareholders of record on February 21, 2022. The ex-dividend date will be February 18, 2022. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €7.10, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 17x in the Capital Markets industry in Germany. Total returns to shareholders of 47% over the past three years. Reported Earnings • Jan 01
First half 2021 earnings: EPS in line with expectations, revenues disappoint First half 2021 results: EPS: CA$0.66 (up from CA$0.072 loss in 1H 2020). Revenue: CA$45.8m (up 86% from 1H 2020). Net income: CA$9.76m (up CA$10.8m from 1H 2020). Profit margin: 21% (up from net loss in 1H 2020). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 14%. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Recent Insider Transactions • May 12
Insider recently sold €177k worth of stock On the 6th of May, Neil Subin sold around 14k shares on-market at roughly €12.50 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €314k more than they bought in the last 12 months. Recent Insider Transactions • May 11
Insider recently sold €177k worth of stock On the 6th of May, Neil Subin sold around 14k shares on-market at roughly €12.50 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €230k more than they bought in the last 12 months. Reported Earnings • May 03
Full year 2020 earnings released: EPS CA$0.029 (vs CA$1.48 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: CA$60.7m (down 39% from FY 2019). Net income: CA$369.0k (up CA$18.9m from FY 2019). Profit margin: 0.6% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 03
New 90-day high: €6.40 The company is up 103% from its price of €3.16 on 04 November 2020. The German market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 14% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: €4.18 The company is up 8.0% from its price of €3.86 on 09 October 2020. The German market is also up 8.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. Its price trend is also similar to the Capital Markets industry, which is up 8.0% over the same period. Reported Earnings • Dec 24
First half 2020 earnings released: CA$0.085 loss per share The company reported a decent first half result with reduced losses and improved control over expenses, although revenues were weaker. First half 2020 results: Revenue: CA$29.2m (down 56% from 1H 2019). Net loss: CA$1.07m (loss narrowed 94% from 1H 2019). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Tillkännagivande • Nov 18
Scully Royalty Ltd., Annual General Meeting, Dec 11, 2020 Scully Royalty Ltd., Annual General Meeting, Dec 11, 2020, at 08:00 China Standard Time. Location: Unit 803, Dina House Ruttonjee Centre, 11 Duddell Street, SAR China Hong Kong Hong Kong Agenda: To elect the board of directors of the Company; to consider ratification of the appointment of BDO LLP as the auditors of the Company for the fiscal year ended December 31, 2020 and to authorize the directors to fix the remuneration of the auditors for the upcoming year; and to transact such other business as may properly come before the Meeting and any and all adjournment(s) or postponement(s) thereof. Is New 90 Day High Low • Oct 29
New 90-day low: €3.18 The company is down 50% from its price of €6.30 on 30 July 2020. The German market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is down 8.0% over the same period. Is New 90 Day High Low • Oct 02
New 90-day low: €3.56 The company is down 47% from its price of €6.70 on 03 July 2020. The German market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is down 10.0% over the same period.